Answer to Question #142348 in Finance for Mr. Dinesh Pal Singh

Question

30. Max, a graduating senior, has accumulated an impressive file of tests during his college career. But now he needs to sell his test collection to obtain money for his impending marriage. Three wealthy friends express interest in buying some of the tests. Max determines that their individual demand equations are as follows:
Q1 = 30.00 – 1.00P
Q2 = 22.50 – 0.75P
Q3 = 37.50 – 1.25P
Where the quantity subscripts denote each of the three friends and price is measured in dollars per test.
What is the market demand equation for Max’s tests, and how many more tests can he sell for each 1-dollar decrease in price? If he has a file of 60 tests, what price should he charge to sell his entire collection?

Answer 1

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